Summary
We are not burning enough. The rate of burn depends on volume and with little motivation volume keeps going down. In addition not all community members are actively participating in reducing supply. Many members think “other will do it” why should I.
Proposal
We have 5.35 million wallets of LUNC. We should decide on a Minimum Mandatory Burn Contribution by each wallet address. I propose 1 million LUNC.
- Each wallet to have a minimum 1 million mandatory burn requirements.
- This will include LUNC already sent to burn wallet. I.e. if a person has already sent 1 million LUNC to burn wallet, they have already met the requirement and below proposed auto- burn will not be applied to them. Top-up voluntary contribution are not restricted.
- TDS (tax deducted at source) from each wallet at 10% of their staking rewards and should be sent to burn wallet automatically. This will stop once the wallet is taxed 1 million.
- It is percent of earning so holder doesn’t have to pay from existing balance but only from future earning. No stacking, no earning, no tax
- This should also encourage non stackers to stake to help reduce supply. Less supply on exchanges should also help price.
- This will include all those holder to burn plan who are standing on the side waiting for others to do it for them. LUNC cant be great if only few take the responsibility to do it.
I expect someone to propose this on station as I dont know how to.
But, why should I burn my money? That too, mandatorily?
4 Likes
It’s definitely true that we have to burn LUNC.
However, who will accept such suggestion that he “must” burn this tokens?
Blockchain should be decentralized and no one can force others to do something.
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There are 5+m wallets but only 85k wallets hold more than 100k lunc, use that information however you decide. Good luck!
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Nice way of emptiing 5m wallets
The same reason you pay direct/indirect taxes to government?
I would highly discourage any proposal which does not have an actual human being with a face backing it, and with proper mathematical calculations that show what will happen when you implement a certain thing. Without such supporting evidence, and without any way to catch the human being which took the chain to the grave, I cannot possibly support this.
The government provides us amenities in exchange of the taxes we pay. The roads, highways, street lights, education for the poor, vaccination for the street dogs, and even contraceptives for the underprivileged, are all bought using the money we pay in taxes. In fact, if anyone in your family has ever done a government job like the police, or the army or a government officer, their salary has been paid using the taxes which were collected from us.
We are not paying taxes to increase the value of the US Dollar or the Indian Rupee. We are paying taxes to directly invest in the infrastructure and development of the country. The exact representation of the same thing in this scenario would be if you contributed to the Community Pool. That money would then be used to invest into projects which would make Terra Luna Classic a coin that everyone would want to own and buy and trade.
We don’t pay tax to increase the value of the dollar. But we pay tax to increase or decrease the value of the goods. The government partly regulates pricing through taxes.
I just gave example, it is not the exact situation no point going into exactly comparing.
If you still need one imaging buying gold at current price for investment and suddenly gold coins rains from the sky and world supply is x100000 times. It will screw the demand and price in market. May be world try to recover by mutually deciding to reduce overall supply to an extent. It wont be same but still an idea. Not saying drop every other idea or if this must be done.
Also I have nothing to hide. I am not big shot influencer nor asking for control of LUNC collected through the proposal. Here is my linkedin profile if you need to see my face. https://www.linkedin.com/in/dharmanand-pant-5bb55a69
I have no followers in Twitter and received no views so posted here. I am glad all viewes are discussed here versus twitter where only people with followers are entertained.
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I am impressed by your profile. Maybe we can connect on LinkedIn as well. I have attached my profile link in the proposal I submitted.
In fact, I will be submitting another proposal some time today. It has a component of steady burns which might make more sense than mandatorily applying burns on every wallet in the system.
Duncan has already submitted and passed a text proposal for his arb module. You should go through that. That is extremely recent.
The news of burns definitely has to do with the price of the currency increasing. That’s true, cause the market does depend on news. Like right now the entire market is pumping cause of Bitcoin news. That is supposed to happen. After this, the Binance burns are coming, and we will observe a small pump during that time as well.
However, I believe the price of a currency holds resistance at a certain price when more and more people become investors by hodling the coin. Doing a mandatory burn will create less investors than what you would have had otherwise. People would also unstake and move the coins before the burn happens so the burn will be ineffective. Someone might have a million coins in their wallet and their balance would become zero. That person wouldn’t come back to LUNC and call us a trash coin. This would further lower the price giving shorters a chance to short the price even further.
The recent fall in prices is of course because some investors went away who never came back. You can even see it in the middle of the graph of you do a 30-day graph of LUNC. Extremely high volume during that time which reduces later. Shorters simply shorted the coin after that. This is the result of the actions of the people who have passed proposals before this, before disappearing completely without any responsibility or liability. Which is why I am slightly weary about any proposal related to burns or taxes.
Investors began to come, in the hope that the lunc is turning into a deflationary coin. Expectations for this have now been somewhat lowered. There will be a real supply reduction system, investors will not keep themselves waiting.
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